VANCOUVER, BC - Formation Metals Inc. ('Formation' or the 'Company') (CSE: FOMO) (FSE: VF1) (OTCQB: FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that it has intercepted fine-grained visible gold during Phase 1 of its Winter 2026 drilling campaign, completed as part of its on-going fully funded 30,000 metre drill program at its flagship N2 Gold Property ('N2' or the 'Property').
Located 25 km south of Mattagami, Quebec, N2 is host to a global historic resource of 871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (61,000 oz Au) across the RJ zone2,4.
The Company's ongoing drilling campaign has exceeded expectations, confirming geological continuity and delivering robust and continuous gold intercepts in holes drilled within the northern corridor of the A-Zone, including: N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical. Highlight interval includes 3.4 g/t Au over 4.8 metres with total metal index of 79.56.
N2-25-008: 0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical. Highlight interval includes 1.68 g/t Au over 26.5 metres with total metal index of 67.97.
N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical. Highlight interval includes 2.05 g/t Au over 13.3 metres with total metal index of 81.89.
N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres with total metal index of 62.43.
The Company's drill strategy is focused on extensional drilling to the east and west of the A-zone along strike where it believes up to 8 km may be mineralized in total.
N2-26-24, drilled as part of extensional drilling to the south to assess the potential to widen the A-Zone, is a steep-deep hole aimed at testing the vertical continuation of significant gold mineralization beneath the identified northern corridor beyond current constraints. The Company is, therefore, pleased to report that visible gold was identified at a depth of approximately 151.1 metres, hosted within a 1 cm quartz-ankerite-pyrite stockwork veinlet. The mineralization is associated with disseminated pyrite in a schistose, moderately ankeritized, and weakly sericitized chloritized basalt, and is consistent with the mineralization observed throughout the A and RJ zones which are gold-hosting.
The visible gold discovered in the A-Zone's southern horizon - located 400 metres from and structurally beneath the northern corridor suggests the mineralization extends significantly downward and to the south. This interpretation is supported by gold-bearing intercepts in historic drill hole #154-08-10, located midway between the two areas, indicating that the system potentially remains open at depth.
N2-26-24, therefore, extends the known northern mineralized footprint of the A-Zone and demonstrates the high potential of vertical continuity down-dip, suggesting a possible larger, more robust structural system than previously, historically, modelled.
Deepak Varshney, CEO of Formation Metals, commented: 'Our maiden program at N2 continues to deliver significant surprises. Identifying a new set of shallow mineralized veins over four hundred metres south suggests that there is a strong potential to expand the deposit and almost triple the width of the potential open pit. These results show that even with almost 71,000 metres drilled at N2, there is a long way to go to fully understand the size and significance of the system, and while our focus remains on extending the A-Zone along strike to the east and west, there is ample opportunity to expand the deposit laterally as well.'
Project Summary
Comprising 87 claims totaling 4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of 871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (61,000 oz Au)2.
There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that are being investigated for the first time by Formation with diamond drilling.
About Formation Metals Inc.
Formation Metals Inc. is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill-ready with high-upside and expansion potential. Formation's flagship asset is the N2 Gold Project, an advanced gold project with a global historic resource of 871,000 ounces (18 Mt grading 1.4 g/t Au (810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the 'A' zone, of which only 35% of strike has been drilled (>3.1 km open), and the 'RJ' zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.
Contact:
Deepak Varshney
Tel: 778-899-1780
Email: dvarshney@formationmetalsinc.com
Web: www.formationmetalsinc.com
Forward-looking statements
This news release includes 'forward-looking statements' under applicable Canadian securities legislation, including statements respecting but not limited to: the Company's plans for the Property and the expected timing and scope of the drilling program at the Property and the Company's planned 30,000-metre drilling program. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
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